18 Feb That it credit reporting can assist with that
Equifax says this will provide members and you may scoring couples the experience to choose how to is BNPL payments to their very own e go out, TransUnion was dealing with a unique BNPL credit reporting provider
Purchase now/shell out later on financing keeps sparked worries about setting up consumer credit risk, and you can a portion of the concern is the possible lack of analysis available for other lenders.
While it began with the following few weeks, Equifax can also add a corporate community code to have BNPL so you can identify investigation such percentage record, a change which can build BNPL funds apparent for the credit history.
"There is a large possible opportunity to most readily useful discover what's going on inside this market," told you Draw Luber, head equipment administrator from the Equifax U.S. Guidance Selection when you look at the Atlanta. "Men and women are responsible for responsible credit ... and make money which can be paid back. "
The bureaus' moves come as BNPL lending continues to expand, with traditional economic functions firms, the e-trade globe, fintech specialists such as Affirm and Klarna, and payment technology companies like Square and PayPal all targeting the market.